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Capricorn Energy shares rise on loan settlement, Waldorf windfall
(Sharecast News) - Capricorn Energy's share price received a boost on Tuesday from the news that the Egyptian oil and gas group has repaid its loans early, while receiving up to $5m following the restructuring of Waldorf Production UK. Firstly, the firm announced early on that it had fully repaid its $30m junior debt facility loan two years ahead of schedule.
The repayment followed $81m in collections from the Egyptian General Petroleum Corporation year to date, it said.
Meanwhile, Wardorf Production's restructuring plan was sanctioned, meaning that Capricorn will receive cash proceeds of an estimated $4-5m, along with the recovery of certain costs.
The company has been pursuing the cash from Waldorf following the 2023 sale of its UK North Sea assets, with Waldorf having been required to make three additional annual contingent payments between 2024 and 2026.
"The final amount remains subject to customary completion adjustments. Capricorn retains the right to participate in potential residual claims," the firm said in a statement.
Shares were up nearly 7% at 322.64p by 1356 BST.
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